The deadline for #Mt.GOX creditors to submit their payback information has officially passed, making it possible to make payments.
The repayments are anticipated to be made in a combination of #cryptocurrency and fiat money and to be disbursed via a number of financial institutions, including cryptocurrency exchanges. Pursuant to a letter from the Mt. Gox Trustee dated April 7, the repayments will be made up of base, intermediate, and early lump sum payments and will be made up until the deadline of October 31.
The Trustee has stated that in order to make sure that the payments are made to creditors as quickly as possible, he will cooperate with the list of financial institutions. Due to the essential preparations that must be completed, he has also stated that "it is expected to take some time before the repayment is commenced." The Trustee also made note of the possibility of an extension of the repayment date with the Tokyo District Court's approval.
It is significant to remember that Mt. Gox plans to release a portion of its holdings of 69 billion Japanese yen ($523 million), 142,000 #bitcoin ($3.9 billion), and 143,000 Bitcoin Cash ($17.9 million). This indicates that the loss-related compensation for creditors will now be paid.
Each Creditor shall be paid in yen the first 200,000 yen of each Creditor's Claim. If their claim exceeds this amount and they opt for cryptocurrency and cash, they will eventually receive a mixture of roughly 71% cryptocurrency and 29% cash. For the Mt. Gox creditors who have been waiting for years to get the money that is owed to them, this is a huge development.
This news is republished from https://coinaquarium.io/